Asia: Markets rattled as China steps up virus response

Oil prices were hit hard in overnight trade with both major indexes down by more than one percent.

The Wuhan quarantine was announced just a day before the official start of the Lunar New Year holiday, when hundreds of millions of people travel across China. "With global health agencies working much more proactively and transparently to contain the Wuhan pneumonia than they did with the Sars outbreak, the market remains confident that the damaging knock-on effects will be far less harmful," he wrote.

China had taken"very, very strong measures" to contain the outbreak, WHO chief Tedros Adhanom Ghebreyesus said on Wednesday.European stocks were hit on Wednesday by US President Donald Trump's renewed threat to impose tariffs on imported cars and a gloomy auto sales forecast.

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